Fifth Third Bancorp Has $1.44 Million Stake in Otis Worldwide Co. (NYSE:OTIS)

Fifth Third Bancorp lowered its stake in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 15.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,502 shares of the company's stock after selling 2,901 shares during the quarter. Fifth Third Bancorp's holdings in Otis Worldwide were worth $1,436,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Janney Montgomery Scott LLC boosted its position in shares of Otis Worldwide by 1.5% during the 4th quarter. Janney Montgomery Scott LLC now owns 57,347 shares of the company's stock worth $5,311,000 after acquiring an additional 843 shares in the last quarter. Bartlett & CO. Wealth Management LLC increased its stake in shares of Otis Worldwide by 3.7% in the 4th quarter. Bartlett & CO. Wealth Management LLC now owns 10,573 shares of the company's stock valued at $979,000 after purchasing an additional 373 shares during the last quarter. Daymark Wealth Partners LLC raised its holdings in shares of Otis Worldwide by 4.9% during the 4th quarter. Daymark Wealth Partners LLC now owns 7,886 shares of the company's stock worth $730,000 after buying an additional 371 shares in the last quarter. Mitsubishi UFJ Asset Management UK Ltd. lifted its position in shares of Otis Worldwide by 7.3% during the 4th quarter. Mitsubishi UFJ Asset Management UK Ltd. now owns 22,000 shares of the company's stock worth $2,037,000 after buying an additional 1,500 shares during the last quarter. Finally, Ballentine Partners LLC grew its position in Otis Worldwide by 5.6% in the fourth quarter. Ballentine Partners LLC now owns 5,543 shares of the company's stock valued at $513,000 after acquiring an additional 292 shares during the last quarter. Institutional investors own 88.03% of the company's stock.

Otis Worldwide Stock Up 0.1 %

Otis Worldwide stock traded up $0.07 during mid-day trading on Friday, hitting $95.43. 1,789,073 shares of the stock were exchanged, compared to its average volume of 1,941,167. The stock has a market capitalization of $38.12 billion, a price-to-earnings ratio of 23.50 and a beta of 1.06. Otis Worldwide Co. has a 12 month low of $87.57 and a 12 month high of $106.33. The firm's fifty day simple moving average is $95.91 and its two-hundred day simple moving average is $97.14.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share for the quarter, missing analysts' consensus estimates of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.57% and a net margin of 11.53%. As a group, analysts forecast that Otis Worldwide Co. will post 4.02 earnings per share for the current fiscal year.

Otis Worldwide declared that its Board of Directors has initiated a stock repurchase program on Thursday, January 16th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the company to buy up to 5.4% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's board believes its shares are undervalued.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 14th will be issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date is Friday, February 14th. Otis Worldwide's payout ratio is 38.42%.

Insider Transactions at Otis Worldwide

In other news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $101.02, for a total transaction of $909,180.00. Following the transaction, the executive vice president now owns 9,992 shares of the company's stock, valued at $1,009,391.84. This represents a 47.39 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.23% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently commented on OTIS. UBS Group assumed coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They issued a "neutral" rating and a $113.00 price objective for the company. Wolfe Research downgraded Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 target price for the company. in a research report on Thursday, December 12th. Wells Fargo & Company lowered their price objective on Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating for the company in a research note on Thursday. JPMorgan Chase & Co. cut their target price on shares of Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating on the stock in a research report on Thursday. Finally, Barclays reduced their target price on shares of Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating on the stock in a report on Wednesday, January 8th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $102.88.

Otis Worldwide Profile

Otis Worldwide Corporation engages in manufacturing, installation, and servicing of elevators and escalators in the United States, China, and internationally. The company operates in two segments, New Equipment and Service. The New Equipment segment designs, manufactures, sells, and installs a range of passenger and freight elevators, as well as escalators and moving walkways for residential and commercial buildings, and infrastructure projects.